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-Competition
-Poor are less likely to become wealthy
-Inequality

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-Efficient
-Innovation
-Encouraged economic activity
-Freedom
-Private property

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-No innovation
-Not efficient

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-Equality
-More employment
-Decisions for the Common Good

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An example of a traditional economy failing would be the Confederate States of America's economy, which was entirely a traditional one. This was one of the factors that led to its defeat by the north

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- Nature can affect the economy negatively
- Vulnerable to other economies that use their resources.

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- There is no friction between members
-Everyone knows and understands their roles
-More sustainable compared to a technology-based economy.

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Traditional economies usually are based on the ancestor's experiences, which are used to guide someone to their every day life working.

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Economy in which the central government controls what is to be produced, how it is distributed and how it is produced.

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Economy that is controlled and relied by customs and tradition. People barter instead of using money.

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Economy in which most of products and services are owned by the people and they are distributed by using currencies, which is controlled by supply and demand.